IFRS® Standards

Accounting Policy Changes (Amend IAS 8)

Summary

The Accounting Standards Board (AcSB) is participating in the International Accounting Standards Board’s (IASB) project to amend IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.

Staff Contact(s)

Project Status

  • Information gathering

    Completed prior to June 2017.

  • Approving project

    The International Financial Reporting Interpretations Committee referred this project to the IASB in June 2017

  • Consulting stakeholders

    IASB Exposure Draft issued in April 2018

    AcSB Exposure Draft, which corresponds to the IASB’s Exposure Draft, issued in April 2018

    Public outreach on Exposure Draft took place between April 2018–July 2018

    The AcSB consulted with its IFRS Discussion Group in June 2018

  • Deliberating feedback

    The IASB and AcSB are deliberating comments on their Exposure Drafts

  • Final pronouncement

Meeting & event summaries


December 14, 2017

AcSB Decision Summary – December 14, 2017

The Board discussed and approved its response letter to the International Accounting Standards Board’s (IASB) Exposure Draft, “Accounting Policies and Accounting Estimates (Amendments to IAS 8),” subject to drafting changes.

News


July 26, 2018

News

AcSB Response – Accounting Policy Changes (Proposed amendments to IAS 8)

On July 26, 2018, the AcSB submitted a comment letter responding to the IASB's Exposure Draft issued in March 2018. The letter disagrees with the proposals to amend IAS 8 to lower the impracticability threshold for retrospective application of voluntary changes in accounting policy resulting from agenda decisions published by the IFRS® Interpretations Committee (agenda decisions). The AcSB expresses concerns that amending IAS 8 as proposed would essentially elevate the authority of agenda decisions without the extent of due process expected for such an outcome. The AcSB also notes that the proposals could lead to unintended consequences in jurisdictions, including Canada, where entities are expected to apply accounting policies in line with explanatory material in agenda decisions and, therefore, such changes in accounting policy are not voluntary in practice. The AcSB strongly encourages the IASB to consider another mechanism, such as a change in the process around agenda decisions, to achieve its objectives for this project. Read the AcSB letter posted by the IASB.

April 17, 2018

News

AcSB Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)

April 17, 2018. The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by July 27, 2018.

April 4, 2018

News

IASB® Exposure Draft – Accounting Policy Changes (Proposed amendments to IAS 8)

April 4, 2018. The IASB issued an Exposure Draft proposing amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit comments to the IASB by July 27, 2018.

January 11, 2018

News

AcSB Response – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

On January 11, 2018, the AcSB submitted a comment letter responding to the IASB’s Exposure Draft issued in September 2017. The letter agrees with some parts of the proposals but expresses concerns with the way the relationship between accounting estimates and accounting policies is described. The AcSB suggests broadening the definition of accounting estimates, and defining that term independently from accounting policies to reduce unintended circularity. To improve application in practice, the AcSB strongly encourages the IASB to develop illustrative examples that cover a spectrum of complex situations. Read the AcSB letter posted by the IASB.

October 3, 2017

News

AcSB Exposure Draft – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

The AcSB has issued its Exposure Draft that corresponds to the IASB’s Exposure Draft on this topic. Stakeholders are encouraged to submit their comments by January 15, 2018.

September 18, 2017

News

IASB® Exposure Draft – Accounting Policies and Accounting Estimates (Proposed amendments to IAS 8)

The IASB has issued an Exposure Draft proposing amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Canadian stakeholders are encouraged to submit their comments to the IASB by January 15, 2018.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal ballot process.